Braskem, Petrobras Agree on Terms for ‘Nova Braskem’ Merger

10:26 AM MST | January 22, 2010 | Kara Sissell

Braskem parent Odebrecht (São Paulo) and Brazil’s state oil company Petrobras (Rio de Janeiro) have announced their agreement to merge Braskem with rival thermoplastics firm Quattor, which is controlled by Petrobras. Odebrecht will control the new company, with a 51% stake, and Petrobras will have the remaining 49%. Quattor was formed in 2008, and is a joint venture between Unipar and Petrobras. It includes the former Suzano Petroquímica and the Rio Polímeros consortium. Nova Braskem, if approved by regulators, would have capacity to...